This term applies only to first world citizens, but my fellow third worlders can also understand the term, it's just that the amount of zeroes varies from one country to another.
First of all let me explain to you what is the six figure hell.
This little place lies in your mind and is affected by your physical self, but in reality it is only a psychological state, similar to tilt in poker or the impostor syndrome in your daily life, they are just states of mind in which we get there by letting outside factors affect our psyche.
You are in the Six figure hell when you have already generated a lot of money from investments, working a 9 to 5, gambling on crypto and whatnot. It costed you a lot of sweat, tears and blood to get there, and you are afraid of losing it, of going back to the beginning of this grind just because you make a bad judgement or make wrong decision and boom, you are back at having a 4-5 figure bank account. At the same time, you are far, far away from financial independence, so you either accept the idea of working a 9 to 5 until you are 65 and live with the resignation - and yourself - , or you keep taking significant risks, investing, stressing out, researching, making sound decisions, etc trying to turn a six figure pocket into a seven figure one, all the while living in constant stress, fear and a sense of dread thinking everything can tumble in a matter of days or hours.
The hell is real
You live in the six figure hell when...
You can't buy a house yet because then you would be back at square one with only pocket money, and you already know how hard it was to turn that 1k into 100k. Rent would eat up your passive income, effectively narrowing your investment gains. You can't buy anything significative because you wouldn't have enough money to invest and make the gains be worth the stress.
You're literally on the edge, but not quite there. You are in a constant state of having blue balls, and there's nothing you can do about it.
I am nowhere along the lines of having my life solved, and I have definitely made some great decisions that have allowed me to live comfortably, but I have also made a lot of wrong takes and chosen the wrong path, leading to big money losses and feelings of despair. I am still grinding life, as most of you still are, and that is great.
I am not in this hell, I don't have a significant chunk of money to worry about losing, I am still in the grinding phase of life, I am actually working towards having the honor of living in this six figure hell.
At one point un my life I had almost 100,000 Hive but, due to family, covid, and depressing times, I hold just a fraction of that amount. When Hive hit $2.50 I would've had 250k USD, that's in the six figure range and living in Mexico having that amount makes you a millionaire and part of the 1%. I don't have that anymore, I only have around 20k Hive spread around and despite being so close to live in this hell from which I want to leave - but from the top, not the bottom, I want to enter this hell and leave on the other side, not leave from the door I went it, you know? - now I am back at trying to find a way in, and to be honest it seems like a long road, especially during this bear market and crypto winter that apparently will last a long while.
Smelling opportunities everywhere
That's one way of making money. Lurking the money boards trying to discern the gold mines from the trash talking, FUD, rumors and whatnot. I spend a lot of my time trying to find the next big thing and sometimes I do and 2x or 3x in a week or so, but the reality is that I will never make enough money because I don't have a lot to invest to begin with, which is why I decided to get into coding, to actually have extra money to invest (or should I say gamble?) in crypto projects that are promising. But, while I get prepared and learn to code, I still need to make a living, right?
I think you get the point, I'm stuck in a vicious circle. I'll get out of here soon - hopefully - and I am working every day to make my reality different, to shape the one I want to live in. I ultimately don't want to live in the six figure hell but, I definitely want to be a tenant for a few years and after that, leave that place using the big doors.
The thing about X00x
Most of us - and I mean Hivers - would need a 100x return from another investment to have enough money to make a difference, not a difference on our long term life prospects, but a difference in our making money methods and schemes.
The intrinsic ridiculousness within the prospect of finding a coin that will 50x or 100x and then we will have real money to just need that 3x or 5x to be set for life is just that, a ridiculous prospect that we should forget about. That's how you get rekt, that's why putting your life savings on a shitty coin that might 1000x almost always leads to suicide or worse - don't ask me what is worse.
The path to financial freedom is a slow one, full of stress and with risky investments and hard decisions everywhere, there's no easy path, at least not for 99% of us - we all know about the dude who forgot about having a BTC wallet or a shitcoin bag somewhere and found, and is now a millionaire, but that's never going to be us.
We have to play on hard mode, and that is fine, I've always played on hard mode and I can't wait to live in the six figure hell and then, leave.
What about you?